Revenue has plummeted from $15.1 million in 2025Q1 to $2.5 million in 2026Q1, while operating margins have deteriorated to -120% due to an inability to right-size fixed costs.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Sales/Revenue | 10.9M | 11.13M | 56M | 65.87M | 32.91M | 26.3M | 8.53M | 10M | 910.81K | 2.13M | 1.72M | 2.12M | 2.79M | 1.72M | 492.9K | 564.13K | 78.81K | 217.54K | 1.04M |
| Revenue Growth % | -79.95% | -80.12% | -14.99% | 100.15% | 25.11% | 208.56% | -14.77% | 998.24% | -57.32% | 24.41% | -19.05% | -24.04% | 62.13% | 249.14% | -12.63% | 615.76% | -63.77% | -79.16% | - |
| Cost of Goods Sold | 5.84M | 5.82M | 33.57M | 40.16M | 16.79M | 10.07M | 4.83M | 11.09M | 677.15K | 1.07M | 817.3K | 1.16M | 1.85M | 653.8K | 261.85K | 0 | 0 | 0 | 5.76K |
| COGS % of Revenue | - | 52.32% | 59.95% | 60.96% | 51.01% | 38.28% | 56.61% | 110.88% | 74.35% | 50.17% | 47.64% | 54.63% | 66.21% | 37.99% | 53.12% | - | - | - | 0.55% |
| Gross Profit | 5.06M | 5.31M | 22.43M | 25.71M | 16.12M | 16.23M | 3.7M | -1.09M | 233.66K | 1.06M | 898.23K | 961.58K | 942.79K | 1.07M | 231.05K | 564.13K | 78.81K | 217.54K | 1.04M |
| Gross Margin % | 46.43% | 47.68% | 40.05% | 39.04% | 48.99% | 61.72% | 43.4% | -10.88% | 25.65% | 49.83% | 52.36% | 45.37% | 33.79% | 62.01% | 46.88% | 100% | 100% | 100% | 99.45% |
| Gross Profit Growth % | - | -76.34% | -12.78% | 59.48% | -0.69% | 338.85% | 439.93% | -565.75% | -78.03% | 18.4% | -6.59% | 1.99% | -11.65% | 361.87% | -59.04% | 615.76% | -63.77% | -79.04% | - |
| Operating Expenses | 13.98M | 14.73M | 43.31M | 38.01M | 53.96M | 45.44M | 8.8M | 4.52M | 6.28K | 867.72K | 784.78K | 608.1K | 499.95K | 452.33K | 75.95K | 292.63K | 503.87K | 397.99K | 839.88K |
| OpEx % of Revenue | - | 132.32% | 77.34% | 57.71% | 163.97% | 172.75% | 103.27% | 45.22% | 0.69% | 40.66% | 45.75% | 28.69% | 17.92% | 26.28% | 15.41% | 51.87% | 639.31% | 182.95% | 80.46% |
| Selling, General & Admin | 9.52M | 13.77M | 25.86M | 29.7M | 26.77M | 40.66M | 7.42M | 3.25M | 1.57M | 867.72K | 784.78K | 608.1K | 499.95K | 452.33K | 75.95K | 292.63K | 503.87K | 397.99K | 839.88K |
| SG&A % of Revenue | - | 123.74% | 46.18% | 45.1% | 81.34% | 154.57% | 87.01% | 32.51% | 172.18% | 40.66% | 45.75% | 28.69% | 17.92% | 26.28% | 15.41% | 51.87% | 639.31% | 182.95% | 80.46% |
| Research & Development | 617K | 559K | 3.85M | 5.76M | 6.28M | 3.87M | 1.36M | 1.26M | 376.87K | 110.95K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 5.02% | 6.87% | 8.74% | 19.07% | 14.71% | 16% | 12.55% | 41.38% | 5.2% | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2.89M | 397K | 13.6M | 2.55M | 20.92M | 912.68K | 22.74K | 16.22K | 6.28K | 867.72K | 0 | 0 | 1.47K | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -10.33M | -9.42M | -20.89M | -12.3M | -37.84M | -29.21M | -5.1M | -5.61M | 6.28K | 195.75K | 113.45K | 353.47K | 442.84K | 614.8K | 155.1K | 271.5K | -425.06K | -180.45K | 198.23K |
| Operating Margin % | -94.83% | -84.65% | -37.3% | -18.68% | -114.98% | -111.03% | -59.87% | -56.1% | 0.69% | 9.17% | 6.61% | 16.68% | 15.87% | 35.73% | 31.47% | 48.13% | -539.31% | -82.95% | 18.99% |
| Operating Income Growth % | - | 54.89% | -69.77% | 67.49% | -29.56% | -472.18% | 9.04% | -89526.18% | -96.79% | 72.54% | -67.91% | -20.18% | -27.97% | 296.39% | -42.87% | 163.87% | -135.55% | -191.03% | - |
| EBITDA | -9.94M | -8.93M | -18.62M | -9.75M | -16.88M | -28.29M | -5.09M | -5.6M | 12.88K | 206.83K | 123.92K | 361.51K | 448.93K | 617.66K | 155.1K | 284.38K | -412.17K | -166.49K | 198.23K |
| EBITDA Margin % | -91.23% | -80.22% | -33.25% | -14.8% | -51.29% | -107.56% | -59.69% | -55.96% | 1.41% | 9.69% | 7.22% | 17.06% | 16.09% | 35.89% | 31.47% | 50.41% | -522.96% | -76.53% | 18.99% |
| EBITDA Growth % | 45.04% | 52.05% | -91% | 42.24% | 40.35% | -456.03% | 9.09% | -43548.53% | -93.77% | 66.91% | -65.72% | -19.47% | -27.32% | 298.23% | -45.46% | 169% | -147.56% | -183.99% | - |
| D&A (Non-Cash Add-back) | 393K | 493K | 2.26M | 2.55M | 20.96M | 912.68K | 15.88K | 14.02K | 6.61K | 11.09K | 10.47K | 8.04K | 6.09K | 2.86K | 0 | 12.89K | 12.89K | 13.96K | 0 |
| EBIT | -9.44M | -13.79M | -22.57M | -36.34M | -27.09M | -30.34M | -3.5M | -4.49M | -1.79M | -334.36K | 117.01K | 353.47K | 224.31K | 614.8K | 155.1K | 269.2K | -425.06K | -176.24K | 198.23K |
| Net Interest Income | -579K | -1.94M | -3.12M | -16.47M | -22.15M | -4.93M | -1.51M | -799.71K | -106.82K | 0 | -22.13K | -21.24K | -29.19K | -70.47K | -100.32K | -102.13K | -123.74K | -101.27K | -140.52K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.28K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 579K | 1.94M | 3.12M | 16.47M | 22.15M | 4.93M | 1.51M | 799.71K | 59.57K | 33.58K | 22.13K | 21.24K | 29.19K | 70.47K | 100.32K | 104.42K | 123.74K | 101.27K | 140.52K |
| Other Income/Expense | -2.97M | -6.31M | -4.8M | -40.51M | -11.41M | -6.06M | 96.95K | 926.92K | -181.82K | -504 | -18.57K | -21.24K | -247.72K | -70.47K | -100.32K | -104.42K | -123.74K | -97.06K | -140.52K |
| Pretax Income | -13.31M | -15.74M | -25.68M | -52.81M | -49.24M | -35.27M | -5.01M | -4.68M | -53.3K | 167.44K | 94.88K | 332.23K | 195.12K | 544.33K | 54.78K | 167.08K | -548.8K | -277.51K | 57.71K |
| Pretax Margin % | -122.12% | -141.37% | -45.87% | -80.18% | -149.64% | -134.08% | -58.74% | -46.83% | -5.85% | 7.85% | 5.53% | 15.68% | 6.99% | 31.63% | 11.11% | 29.62% | -696.31% | -127.57% | 5.53% |
| Income Tax | 181K | 318K | 1.14M | 289K | -8.7K | 4.91K | 0 | 0 | -19.11K | 77.97K | 37.02K | 71.75K | 158.76K | 0 | 0 | 0 | 800 | 2.5K | 0 |
| Effective Tax Rate % | -1.36% | -2.02% | -4.44% | -0.55% | 0.02% | -0.01% | 0% | 0% | 35.86% | 46.57% | 39.02% | 21.6% | 81.37% | 0% | 0% | 0% | -0.15% | -0.9% | 0% |
| Net Income | -18.06M | -17.53M | -26.82M | -53.1M | -49.24M | -35.27M | -5.01M | -4.68M | -34.19K | 89.47K | 57.86K | 260.48K | 36.36K | 544.33K | 54.78K | 167.08K | -549.6K | -280.01K | 57.71K |
| Net Margin % | -165.7% | -157.45% | -47.9% | -80.62% | -149.61% | -134.1% | -58.74% | -46.83% | -3.75% | 4.19% | 3.37% | 12.29% | 1.3% | 31.63% | 11.11% | 29.62% | -697.33% | -128.72% | 5.53% |
| Net Income Growth % | 32.86% | 34.67% | 49.48% | -7.85% | -39.58% | -604.46% | -6.89% | -13603.19% | -138.21% | 54.64% | -77.79% | 616.43% | -93.32% | 893.65% | -67.21% | 130.4% | -96.28% | -585.19% | - |
| Net Income (Continuing) | -13.49M | -16.05M | -26.82M | -53.1M | -49.24M | -35.27M | -5.01M | -4.68M | -1.89M | -334.37K | 57.86K | 260.48K | 36.36K | 544.33K | 54.78K | 167.08K | -549.6K | -280.01K | 57.71K |
| Discontinued Operations | -1000K | -1.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.01 | -18.46 | -140.35 | -353.85 | -378.00 | -227.50 | -72.10 | -61.25 | -0.44 | 1.24 | 0.84 | 4.20 | 0.53 | 4.20 | 2.10 | 4.20 | -13.30 | -6.65 | 2.10 |
| EPS Growth % | 72.6% | 86.85% | 60.34% | 6.39% | -66.15% | -215.53% | -17.71% | -13788.89% | -135.59% | 47.5% | -80% | 694.7% | -87.42% | 100% | -50% | 131.58% | -100% | -416.67% | - |
| EPS (Basic) | - | -18.46 | -140.35 | -353.85 | -378.00 | -227.50 | -72.10 | -61.25 | -0.44 | 1.24 | 0.84 | 4.20 | 0.53 | 10.50 | 2.10 | 4.20 | -13.30 | -6.65 | 2.10 |
| Diluted Shares Outstanding | 1.23B | 597.47M | 191.26K | 150.05K | 130.21K | 116.31K | 85.34K | 79.91K | 77.45K | 72.22K | 68.79K | 68.79K | 68.79K | 66.51K | 41.45K | 41.45K | 41.45K | 41.45K | 41.45K |
| Basic Shares Outstanding | 1.23B | 597.47M | 191.26K | 150.05K | 130.21K | 116.31K | 85.34K | 79.91K | 77.45K | 72.22K | 68.79K | 68.79K | 68.79K | 53.13K | 41.45K | 41.45K | 41.45K | 41.45K | 41.45K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Unsustainable revenue collapse
As reported in recent financial filings, Ryvyl's revenue has plummeted by over 80% year-over-year, falling from $15.1 million in 2025Q1 to just $2.5 million by 2026Q1, signaling a profound erosion of the company's core transaction processing volume and potential loss of key merchant partnerships.
The precipitous decline in top-line performance suggests that the company's blockchain-based ledgering value proposition may be failing to gain traction or retain its existing merchant base. Investors should monitor whether this trend reflects a strategic pivot away from low-margin processing or a fundamental breakdown in the firm's competitive positioning within the fintech infrastructure space.
Based on the provided income statement data, Ryvyl's gross margin has remained structurally capped near 44% to 48%, reflecting the high direct costs associated with card network interchange fees and the ongoing maintenance requirements of its proprietary blockchain payment infrastructure.
While these margins appear superior to some traditional payment processors, they remain insufficient to absorb the company's heavy fixed-cost burden. The inability to expand gross margins despite the significant revenue contraction suggests that the company lacks the pricing power necessary to offset the loss of scale.
According to historical income statements, Ryvyl's operating margin has deteriorated to -120% as of 2026Q1, indicating that the company's overhead and administrative expenses are not scaling down in proportion to the massive decline in revenue, thereby exacerbating the firm's operational losses.
The persistent gap between gross profit and operating income highlights a failure to achieve the necessary scale to cover corporate overhead. This suggests that the current cost structure is misaligned with the company's reduced revenue profile, warranting further investigation into management's ability to implement meaningful expense discipline.
Financial statements indicate that Ryvyl continues to carry significant SG&A expenses relative to its current $2.5 million quarterly revenue, which, when combined with ongoing R&D investments, creates a burn rate that appears increasingly unsustainable given the company's limited cash position of $7.4 million.
The company's cost structure appears heavily weighted toward fixed administrative and development expenses that do not fluctuate with transaction volume. This rigidity in the cost base leaves the firm with little flexibility to navigate the current period of revenue volatility without risking further balance sheet impairment.
As evidenced by the high debt-to-equity ratio of 4.68 and a net margin of -129.6%, the company faces significant solvency risks that may lead to dilutive financing or restructuring if the current operational trajectory does not show immediate signs of stabilization.
Short-term observers may focus on the potential for the company's blockchain IP to be acquired, yet the current financial data suggests that the firm is struggling to maintain basic operational viability. Investors should be wary of the possibility that the company's debt obligations could further constrain its ability to invest in future growth.
Quick answers to the most common questions about buying RVYL stock.
For fiscal year 2025, Ryvyl Inc. (RVYL) reported total revenue of $11.1M. This represents a 966.3% increase compared to $1.0M in 2008.
Ryvyl Inc. (RVYL) reported a net loss of $17.5M for the fiscal year ending 2025.
Ryvyl Inc. (RVYL) reported an operating income of $-9.4M, resulting in an operating profit margin of -84.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Ryvyl Inc. (RVYL) generated $5.3M in gross profit for the year, representing a gross profit margin of 47.7%. This demonstrates the company's core pricing power and production efficiency.